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Shirakawa: we will improve currency position

Japan’s finance minister Masaaki Shirakawa vowed to improve the position of the yen amid its increased strength, in a speech made to parliament earlier today (November 29th).

Shirakawa, who is the Bank of Japan’s (BOJ) governor, suggested the poorly-placed yen is suffering due to economic turmoil affecting the European Union, Reuters reported.

He told listeners the nation’s bank would influence longer-term interest rates and risk premium, as it strives for a positive effect on the currency rate.

The finance minister said: “Current yen rises are a result of the yen being bought as a relatively safe asset with global economic uncertainty very high due to Europe’s sovereign debt crisis,” the news provider quoted.

During August and October of this year, the BOJ tried to ease problems through an increase in asset purchases, with the country’s economy heavily reliant on exports.

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